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1/04/18
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San Diego-based KMG Properties purchased Villas on Bell, a 168-unit, garden-style multifamily property in Phoenix, for $24.6 mil ($146.4k/unit). The deal was financed with $12.7 mil in Fannie Mae acquisition money.
Located at 4045 W. Bell Rd, the property features one-, two- and three-bedroom floor plans with nine-foot ceilings, washers and dryers in all units, covered parking, dishwashers and private patios and balconies. Residents enjoy amenities such as a swimming pool, a barbeque area and a fitness center.
Villas on Bell was built in 2002 and provides quick accessability to I-17 and Arizona State Route 101.
Mark Forrester, Ric Holway and Dan Cheyne with Berkadia represented the buyer in the deal. The seller was RK Properties, based in Long Beach.
Jackson Cloak and Collin Downey, also with Berkadia, arranged the financing. The 10-year, fixed-rate loan features a 3.79% interest rate and a 30-year amortization schedule.
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